明星交易员Andrew Berger因在抵押贷款支持证券（MBS）上的押注出现巨额亏损，已离开了LMR Partners。他此前管理的LMR Partners抵押贷款交易团队在2024年曾盈利近2.5亿美元。然而，在9月份，由于一项高度杠杆化的住宅MBS策略失误，LMR出现了0.9%的亏损，成为少数亏损的主要多策略基金之一。Berger的策略涉及高杠杆交易，而抵押贷款证券的价值会受到利率变动和借款人行为（如再融资或提前还款）的影响，这可能导致在杠杆化头寸上的巨额损失。

🌟 明星交易员Andrew Berger已离开LMR Partners，原因是在抵押贷款支持证券（MBS）上的一次交易押注遭遇重大亏损。Berger曾是LMR Partners的一位明星交易员，他管理的团队在2024年曾取得显著的盈利。

📉 LMR Partners在9月份录得0.9%的亏损，这与Andrew Berger的MBS交易失误有关，也使得LMR成为当月唯一出现亏损的主要多策略基金之一。多策略基金通常通过分散风险来追求稳健的回报。

📈 Berger的策略专注于资本密集且高度杠杆化的住宅MBS交易。这类策略对利率变动和借款人行为（如再融资或提前还款）高度敏感，当这些因素出现不利变化时，即使是很小的波动也可能导致巨大的损失，尤其是在高杠杆的情况下。

💡 抵押贷款证券的价值会受到多种因素影响，包括利率的变动和借款人行为的变化。例如，当利率下降时，借款人可能倾向于再融资，这会改变MBS的现金流，从而影响其价值。在杠杆化的情况下，这些变化会被放大。

Andrew Berger exited LMR Partners after losses from a mortgage-backed securities bet.The star portfolio manager's strategy involved highly levered trades in residential MBS.LMR Partners faced a 0.9% loss in September, unique among major multistrategy funds.

Last year, Andrew Berger was riding high. The mortgage-trading team he oversaw at $12.8 billion hedge fund LMR Partners gained nearly $250 million in 2024, according to three people familiar with the matter.

Now, the star trader is out at LMR after sharp losses in September, tied to a mortgage-backed securities bet, those people said, asking not to be identified because the information is private.

That misstep contributed to a 0.9% loss in September for LMR, the only major multistrategy fund to lose money during the month. Such funds typically aim to deliver steady, low-volatility returns by spreading risk across a range of markets and strategies.

An LMR representative declined to comment. Berger did not respond to requests for comment.

Berger, who joined LMR in 2022 from Credit Suisse, was among the buzziest names in securitized-products trading this past year, following his standout 2024 performance and strong start to 2025, according to recruiters focused on the space.

He specialized in a capital-intensive, highly leveraged residential-MBS strategy that backfired last month, wiping out year-to-date gains estimated at more than $100 million, three people said.

It's unclear what caused the trade to unravel. Mortgage rates — which don't move in lockstep with US Treasury yields — initially dipped ahead of the Federal Reserve's September 17 rate cut, then jumped sharply afterward.

Because a mortgage-backed security is composed of individual home loans, shifts in borrower behavior — such as refinancing or prepaying loans when rates change — can rapidly alter an MBS's value. When those positions are leveraged, even modest rate moves can translate into outsized losses.